Header Relazione

 


1st half of 2011 1st half of 2010 Change % Change
Volumes Sell-in Turnover Volumes Sell-in    Turnover Volumes Turnover Volumes Turnover
(units/000) (million euro) (units/000)  (million euro)
Western Countries 190.5 509.6 203.2 514.9 -6.2% -1.0% (12.7) (5.4)
 - of which EMEA 184.3 488.3 200.1 502.0 -7.9% -2.7% (15.8) (13.7)
 - (of which Italy) 56.0 161.1 74.0 195.3 -24.3% -17.5% (18.0) (34.2)
 - of which America 6.2 21.3 3.1 13.0 103.3% 64.1% 3.2 8.3
Asia Pacific 37.2 69.1 29.6 67.1 25.7% 3.0% 7.6 2.0
Total 227.7 578.7 232.8 582.0 -2.2% -0.6% (5.1) (3.3)
               
Scooters 203.0 397.0 208.5 421.3 -2.6% -5.8% (5.4) (24.3)
Motorcycles 24.7 102.1 24.3 85.9 1.6% 18.8% 0.4 16.2
Spare parts and Accessories 71.1 72.3 -1.7% (1.2)
Other 8.5 2.5 245.8% 6.1
Total 227.7 578.7 232.8 582.0 -2.2% -0.6% (5.1) (3.3)

 

The Two-wheeler business mainly comprises two product segments: scooters and motorcycles, in addition to the related spare parts and accessories business, the sale of engines to third parties, involvement in main two-wheeler sports championships and technical service.

Comments on main results and significant events of the sector

In the first half of 2011, volumes on the world two-wheeler market (scooters and motorcycles) were just under 25 million units.

China continues to be the world's leading market with more than 8 million units sold, followed by the Indian market with 6.3 million vehicles sold.

Asian countries made a significant contribution to the world market in terms of units sold. The most important included the Indonesian market with total volumes of more than 4 million items, and leader in South East Asia, followed by Vietnam, recording a steady growth and 1.5 million units sold, and Thailand stands at 900 thousand units.

In these areas (China, India, rest of Asia) the market is generally characterised by low-cost, small engine, compact vehicles, designed for primary mobility requirements, while the premium market is slowly yet steadily gaining ground.

The European market continued the same negative trend in first half of 2011 which had characterised 2010.

Europe accounted for 864 thousand units sold in the first half of 2011, with a 7% decrease in sales on the two-wheeler market compared to 2010 (-6% in the motorcycle segment and -8% in the scooter segment). In the Americas, the decrease in the North American market stopped, which stood at 290,000 vehicles sold, while the South American market continued to grow (+8%) driven by Brazil, the main market of the area.

In this international scenario, the Piaggio Group retained its leadership position on the European market in the first half of 2011, with a market share of approximately 27.3%, thanks also to its continued leadership in the scooter segment, and increased share of the motorcycle segment.

With production at its own site in Vinh Phuc, the Group also consolidated its position on the Vietnamese market with successful sales of its Vespa model, joined by the Liberty 125 and 150 cc model in the first half of 2011.

The Group held on to its strong position on the North American scooter market, where it has consolidated its leadership with a market share of just under 25%, and where it is committed to increasing its profile in the motorcycle segment, through the Aprilia and Moto Guzzi brands.

Brands and products

The Piaggio Group operates on the two-wheeler market with a portfolio of 7 brands that have enabled it to establish and consolidate a leadership position in Europe: Piaggio, Vespa, Gilera, Aprilia, Scarabeo, Moto Guzzi and Derbi.

The brands offer a complementary product range, so that the Group can supply the market with a fully comprehensive range to target the needs of different customer groups.

Engines for Piaggio, Vespa, Gilera, Derbi, Scarabeo and Moto Guzzi brands are designed and manufactured by the company. For Aprilia, the Group manufactures engines for the scooter segment, the V-twin 750cc and V-quad 1000cc.

Piaggio

With a wide range of models covering all main scooter segments, Piaggio is one of Europe's and the world's leading brands. The huge success of Piaggio has been built up around the ease of use, design and outstanding functionality of its products.

The 2011 Piaggio line has been enhanced with the release of the new MP3 Yourban, lighter and easier to handle on city streets and the new MP3 Touring, with revamped aesthetics and technology with 500ie engine joining the 300ie, 400ie and hybrid engines.

Vespa  

Vespa is the best known Piaggio brand around the world. It is synonymous with style and elegance and will be celebrating its 65th birthday in 2011. The Vespa range has always featured models that have all the distinctive heritage of the brand combined with a unique design and steel body.

The Vespa PX model was reintroduced in 2011, in line with Euro 3 emission standard, and four new special series were presented to the market: Vespa GTS Touring, Vespa S Sport, GTV and LXV Vie della Moda.

Gilera  

The Gilera brand features models in both the scooter and motorcycle segments. The brand came into being in 1909 and was acquired by the Piaggio Group in 1969. Gilera is known for its successes in racing, winning six world championship manufacturer's titles and eight world championship rider's titles. Gilera is a brand designed for a young, vibrant market and dynamic motorcyclists.

Derbi The Derbi brand features a range of scooters from 50cc to 300cc and a range of motorcycles from 50cc to 125cc. Its customer target is young, in the 14 - 17 years age group, making it one of the biggest manufacturers in the 50cc segment. The brand has won 21 world titles, gaining a leadership position in Spain and on the 50cc and 125cc motorcycle market.

Aprilia

The Aprilia brand includes a range of scooters from 50cc to 300cc and a range of motorcycles from 50cc to 1000cc. The brand is synonymous worldwide with a sporting style thanks to its huge number of wins in leading championships, the outstanding performance of its products, their innovation and cutting-edge design.

The first half of 2011 witnessed the application of its racing technology with the introduction of APRC on the RSV4 and the new Tuono V4R and restyling of the range of small sports motorcycles, introducing the RS50 and RS4 125 with four-stroke engine.

Scarabeo

The Scarabeo brand offers a wide range of scooters from 50cc to 500cc, and is the Group's premium brand, along with the Vespa. The Scarabeo brand was launched by Aprilia in 1993, and is the first brand to have introduced high-wheeled scooters in Europe.

Two new features were introduced to the range in 2011 with the restyling of Sarabeo Medio and special series Scarabeo 50 YourZ.

Moto Guzzi

The Moto Guzzi brand came into being in 1921, and is one of the most well-known motorcycle brands in Europe, with a strong brand loyalty among customers. In 1970 Moto Guzzi gained worldwide popularity when it became the motorcycle of choice of the police in Los Angeles, California. Moto Guzzis, which have always been unique with their distinctive 90° V twin cylinder engines, are perfect for touring and combine a stylish traditional design with the latest technologies in the world of motorcycles.

In terms of products, the standard Stelvio and NTX were introduced during the first six months of the year.

Comments on main results and significant events of the sector

During the first half of 2011, the Piaggio Group sold a total of 227,700 units in the two-wheeler segment, worldwide, accounting for a net turnover equal to approximately 578.7 million euro, including spare parts and accessories (71.1 million euro, -1.7%). In 2011, the Piaggio Group reconfirmed its leadership position on the European scooter market.

As explained in the previous paragraphs, Piaggio Group's performance in 2011 was highly penalised by the drop in demand on the Italian and European markets. This downturn concerned both the scooter and motorcycle segments.

On the other hand, growth in the Asian area was strong compared to the previous year, with sales and turnover increasing by 25.7% and 3.0% respectively, in part thanks to the start-up of sales of Liberty manufactured in the Vietnamese plant.

The MP3 range and its various models (125cc, 250cc, 300cc, 400cc and 500cc) continued to be a success story in 2011, guaranteeing the Piaggio Group an overall turnover of approximately 52.1 million euro, thanks to the 11,000 units sold. Likewise, the Vespa - the Piaggio Group's iconic brand in the two-wheeler sector, performed extremely well on the world market, with a turnover equal to 155.8 million euro, with approximately 76,000 units sold.

Turnover from the motorcycle segment was given a strong boost by the Aprilia RSV4 and thanks to the excellent results achieved in the Superbike World Championships, its different versions produced a very satisfactory turnover for the Group.

Investments

As described previously, investments in the Two-wheeler segment amounted to approximately 37.3 million euro during the first half of 2011. These investments mainly targeted the following areas:

  • Development of new products and face lifts of existing products
  • Improvements in and modernisation of current production capacity 
  • Implementation of new IT tools
 

As regards investments for Piaggio Group products in particular, significant resources were dedicated to some brands and/or products which are key to the Group's development. Main investments for European and Asian production sites (Vietnam and India), addressed the following areas:

  • Construction of a new two-wheeler plant in India
  • Expansion of the industrial site in Vietnam
  • Development and launch of Vespa PX
  • Completion of the MP3 range
  • Initial developments to manufacture the Vespa brand in India
  • Restyling of the Scarabeo range
  • Restyling of Aprilia 50 and 125cc motorcycle range (RS50 and RS4 125)
  • Development and restyling of the Moto Guzzi range (Nuova California).

Industrial investments were also made, targeting safety, quality and the productivity of production processes.

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